August 2024
22Aug

DWP announces £780 payment increase for UK households to help with cost of living

UK households are set to receive a financial boost this year to help with the cost of living. With inflation slightly rising back to 2.2 per cent, additional financial support will be beneficial in managing the ongoing income squeeze, especially following the recent cut in interest rates to 5 per cent at the start of August. This extra support for households is due to changes implemented by the Department for Work and Pensions. It has applied a 6.7 per cent...

August 22, 2024
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July 2024
31Jul

The Bulgarian Pension System: Caught Between Adequacy And Sustainability

By Jean-Jacques Hallaert During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions. However, not matched by revenue measures, they have widened the deficit of the pension system. Reforms that increase the incentives to contribute to the pension system and thus revenue would improve the financial sustainability of the pension system and reduce fiscal risks. Source SSRN

July 31, 2024
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25Jul

UK. ‘Astonishing’ surge in pensioners paying top tax rate

The number of pensioners paying the highest rate of tax has doubled in just a year following a cut in thresholds. More than 100,000 taxpayers over the age of 65 will pay 45p in the pound on their income in the 2023-2024 tax year, projected HM Revenue & Customs (HMRC) figures have revealed. This is up from just 55,000 the year before, according to the data released to The Telegraph under a Freedom of Information request. The number of pension-age taxpayers hit...

July 25, 2024
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12Jul

2024 Pension adequacy report: Current and future income adequacy in old age in the EU

By European Union  The report’s main focus is on old-age pension systems. It looks primarily at statutory pensions, incorporating the adequacy contribution of supplementary pensions where relevant. The report also looks at the role of survivors’ pensions in providing adequate old-age income for surviving spouses. In the context of its analysis of income inequalities and redistribution mechanisms, the report also considers minimum income provision for older people and how taxation affects income distribution in old age. Given the importance of services...

July 12, 2024
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June 2024
06Jun

Many Hongkongers must work past retirement age as they face US$300,000 shortfalls in their average pension savings: Schroders survey

The average Hongkonger faces a HK$2.4 million (US$300,000) gap between their expected post-retirement expenses and the money available in their pension funds, according to a survey released on Tuesday. As a result of the eye-watering shortfall, almost three quarters of people believe they will need to continue to work beyond the expected retirement age, according to the recent survey of 1,000 Mandatory Provident Fund (MPF) members carried out by Schroders. There is no official retirement age in Hong Kong, but most companies require staff to...

June 6, 2024
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03Jun

Ghilarducci corrects Larry Fink’s suggestion of “working longer to dodge retirement crisis”

BlackRock CEO Larry Fink caused quite a stir when he suggested America could dodge its looming “retirement crisis” by encouraging people to continue working past age 65. The billionaire, who chairs the world's largest asset manager, kicked off his 2024 annual letter to shareholders by telling his readers it is “time to rethink retirement.” Don't miss Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord...

June 3, 2024
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May 2024
31May

Pensions in Europe: Which countries are best and worst for retirement?

There are significant pension disparities across Europe. Euronews Business has found a strong positive correlation between financial confidence in retirement and the level of monthly pensions. Earnings-related pensions overwhelmingly constitute the primary source of income for Europeans aged 65 and older. However, less than half of EU consumers are confident that they will have enough money to live comfortably throughout their retirement. In several countries, this confidence level falls to 30% or even less. This raises concerns about pension adequacy. Protecting...

May 31, 2024
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14May

Kenya. Bill seeks inflation-based pension raise for retirees

Retired public servants will get automatic pay raises based on the cost of living in pension computations if Parliament approves a proposed Bill. The Pensions (Amendment) Bill 2024 seeks to amend the Pensions Act, Cap 189, to include an automatic cost of living adjustment to the pensions earned by all retired public servants. The Bill seeks to cushion retirees from the effects of inflation. “In addition, the Bill seeks to provide for the use of the most current salary applicable to a...

May 14, 2024
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10May

Older Adult Employment: 2021 Annual Report

By SeniorLiving.org Workers over the age of 55 represent a huge and essential segment of the American economy, and their influence is growing. In fact, by 2030, one in four U.S. workers will be 55 or older. In part because they account for such a large share of the workforce, older adults have been hit hard by the Covid-19 pandemic, and many states had a decline in the number of workers over 55 remaining in the workforce. But overall, the 55-and-older...

May 10, 2024
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10May

The growth of the older workforce

By Richard Fry & Dana Braga The share of older adults holding a job today is much greater than in the mid-1980s. Some 19% of adults ages 65 and older are employed today. In 1987, only 11% of older adults were working. Today’s share is similar to that of the early 1960s, when 18% of older Americans worked. As the employment rate among older adults has gradually risen since the 1990s, employment among younger workers has followed a different pattern. Jobholding...

May 10, 2024
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